Link to FRSC

About FRSC and PIC

The Financial Reporting Standards Council (FRSC) was established by the Professional Regulatory Commission under the Implementing Rules and Regulations of the Philippine Accountancy of Act of 2004 to assist the Board of Accountancy in carrying out its power and function to promulgate accounting standards in the Philippines. The FRSC’s main function is to establish generally accepted accounting principles in the Philippines.

The FRSC is the successor of the Accounting Standards Council (ASC). The ASC was created in November 1981 by the Philippine Institute of Certified Public Accountants (PICPA) to establish generally accepted accounting principles in the Philippines. The FRSC carries on the decision made by the ASC to converge Philippine accounting standards with international accounting standards issued by the International Accounting Standards Board (IASB).

The FRSC consists of who a Chairman and members are appointed by the BOA and include representatives from the Board of Accountancy (BOA), Securities and Exchange Commission (SEC), Bangko Sentral ng Pilipinas (BSP), Financial Executives Institute of the Philippines (FINEX), Commission on Audit (COA) and Philippine Institute of Certified Public Accountants (PICPA). The FRSC has full discretion in developing and pursuing the technical agenda for setting accounting standards in the Philippines. Financial support is received principally from the PICPA Foundation.

The FRSC monitors the technical activities of the IASB and invites comments on exposure drafts of proposed IFRSs as these are issued by the IASB. When finalized, these are adopted as Philippine Financial Reporting Standards (PFRSs). The FRSC similarly monitors issuances of the International Financial Reporting Interpretations Committee (IFRIC) of the IASB, which it adopts as Philippine Interpretations–IFRIC. PFRSs and Philippine Interpretations–IFRIC approved for adoption are submitted to the BOA and PRC for approval.

The FRSC formed the Philippine Interpretations Committee (PIC)  in August 2006 to assist the FRSC in establishing and improving financial reporting standards in the Philippines. The role of the PIC is principally to issue implementation guidance on PFRSs. The PIC members are appointed by the FRSC and include accountants in public practice, the academe and regulatory bodies and users of financial statements. The PIC replaced the Interpretations Committee created by the ASC in 2000.

Philippine Financial Reporting Standards

Philippine Financial Reporting Standards (PFRSs) are currently fully converged with International Financial Reporting Standards (IFRSs). Unaccompanied IFRSs may be downloaded from the IASB website free of charge. Registration in the IASB website is required to access the unaccompanied IFRSs.

Adopted to date

Preface to Philippine Financial Reporting Standards

The Conceptual Framework for Financial Reporting

Phase A: Objectives and qualitative characteristics (Effective date: July 1, 2011)

The FRSC adopted the Revised Conceptual Framework for Financial Reporting on June 27, 2018 (Effective date: January 1, 2020)

Philippine Financial Reporting Standards

Number Title Effective date
PFRS 1 (Revised) First-time Adoption of Philippine Financial Reporting Standards July 1, 2009
PFRS 2 Share-based Payment January 1, 2005
PFRS 3 (Revised) Business Combinations July 1, 2009
PFRS 4 Insurance Contracts January 1, 2005
PFRS 5 Non-current Assets Held for Sale and Discontinued Operations January 1, 2005
PFRS 6 Exploration for and Evaluation of Mineral Resources January 1, 2006
PFRS 7 Financial Instruments: Disclosures January 1, 2007
PFRS 8 Operating Segments January 1, 2009
PFRS 9 (2014) Financial Instruments January 1, 2018
PFRS 10 Consolidated Financial Statements January 1, 2013
PFRS 11 Joint Arrangements January 1, 2013
PFRS 12 Disclosure of Interests in Other Entities January 1, 2013
PFRS 13 Fair Value Measurement January 1, 2013
PFRS 14 Regulatory Deferral Accounts January 1, 2016
PFRS 15 Revenue from Contracts with Customers January 1, 2018
PFRS 16 Leases January 1, 2019
PFRS 17 Insurance Contracts January 1, 2023

Philippine Accounting Standards

Number Title Effective date
PAS 1 (Revised) Presentation of Financial Statements January 1, 2009
PAS 2 Inventories January 1, 2005
PAS 7 Statement of Cash Flows January 1, 2005
PAS 8 Accounting Policies, Changes in Accounting Estimates and Errors January 1, 2005
PAS 10 Events after the Reporting Period January 1, 2005
PAS 12 Income Taxes January 1, 2005
PAS 16 Property, Plant and Equipment January 1, 2005
PAS 17 Leases January 1, 2005
PAS 19 (Revised) Employee Benefits January 1, 2013
PAS 20 Accounting for Government Grants and Disclosure of Government Assistance January 1, 2005
PAS 21 The Effects of Changes in Foreign Exchange Rates January 1, 2005
PAS 23 (Revised) Borrowing Costs January 1, 2009
PAS 24 (Revised) Related Party Disclosures January 1, 2011
PAS 26 Accounting and Reporting by Retirement Benefit Plans January 1, 2005
PAS 27 (Amended) Separate Financial Statements January 1, 2013
PAS 28 (Amended) Investments in Associates and Joint Ventures January 1, 2013
PAS 29 Financial Reporting in Hyperinflationary Economies January 1, 2005
PAS 32 Financial Instruments: Presentation January 1, 2007
PAS 33 Earnings per Share January 1, 2005
PAS 34 Interim Financial Reporting January 1, 2005
PAS 36 Impairment of Assets January 1, 2005
PAS 37 Provisions, Contingent Liabilities and Contingent Assets January 1, 2005
PAS 38 Intangible Assets January 1, 2005
PAS 39 Financial Instruments: Recognition and Measurement January 1, 2005
PAS 40 Investment Property January 1, 2005
PAS 41 Agriculture January 1, 2005

Philippine Interpretations

Number Title Effective date
Philippine Interpretation IFRIC-1 Changes in Existing Decommissioning, Restoration and Similar Liabilities January 1, 2005
Philippine Interpretation IFRIC-2 Members’ Shares in Co-operative Entities and Similar Instruments January 1, 2005
Philippine Interpretation IFRIC-4 Determining whether an Arrangement contains a Lease January 1, 2006
Philippine Interpretation IFRIC-5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds January 1, 2006
Philippine Interpretation IFRIC-6 Liabilities arising from Participating in a Specific Market—Waste Electrical and Electronic Equipment December 1, 2005
Philippine Interpretation IFRIC-7 Applying the Restatement Approach under PAS 29 Financial Reporting in Hyperinflationary Economies March 1, 2006
Philippine Interpretation IFRIC-10 Interim Financial Reporting and Impairment November 1, 2006
Philippine Interpretation IFRIC-12 Service Concession Arrangements January 1, 2008
Philippine Interpretation IFRIC-14 PAS 19—The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction January 1, 2008
Philippine Interpretation IFRIC-16 Hedges of a Net Investment in a Foreign Operation October 1, 2008
Philippine Interpretation IFRIC-19 Extinguishing Financial Liabilities with Equity Instruments July 1, 2010
Philippine Interpretation IFRIC-20 Stripping Costs in the Production Phase of a Surface Mine January 1, 2013
Philippine Interpretation IFRIC-21 Levies January 1, 2014
Philippine Interpretation IFRIC-22 Foreign Currency Transactions and Advance Consideration January 1, 2018
Philippine Interpretation IFRIC-23 Uncertainty over Income Tax Treatments January 1, 2019
Philippine Interpretation SIC-7 Introduction of the Euro January 1, 2005
Philippine Interpretation SIC-10 Government Assistance—No Specific Relation to Operating Activities January 1, 2005
Philippine Interpretation SIC-15 Operating Leases—Incentives January 1, 2005
Philippine Interpretation SIC-25 Income Taxes—Changes in the Tax Status of an Entity or its Shareholders January 1, 2005
Philippine Interpretation SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease January 1, 2005
Philippine Interpretation SIC-29 Service Concession Arrangements: Disclosures January 1, 2005
Philippine Interpretation SIC-32 Intangible Assets—Web Site Costs January 1, 2005

New Pronouncements

For more information about these new pronouncements, please visit the IASB website.

Pronouncement
Date adopted by FRSC
Effective for annual periods beginning on or after
Amendments to PFRS 16, Covid-19-Related Rent Concessions beyond 30 June 2021 April 14, 2021 April 1, 2021
Amendments to PAS 1 and PFRS Practice Statement 2,  Disclosure Initiative – Accounting Policies April 14, 2021 January 1, 2023
Amendments to PAS 8, Definition of Accounting Estimates April 14, 2021 January 1, 2023
Amendments to PFRS 17, Insurance Contracts August 19, 2020 January 1, 2023
Amendments to PFRS 3, Reference to the Conceptual Framework August 19, 2020 January 1, 2022
Amendments to PAS 16, Property, Plant and Equipment – Proceeds before Intended Use August 19, 2020 January 1, 2022
Amendments to PAS 37, Onerous Contracts – Cost of Fulfilling a Contract August 19, 2020 January 1, 2022
Annual Improvements to PFRS Standards 2018-2020 Cycle

  • Amendments to PFRS 1, Subsidiary as a first-time adopter
  • Amendments to PFRS 9, Fees in the ‘10 per cent’ test for derecognition of financial liabilities
  • Amendments to PFRS 16, Lease Incentives
  • Amendments to PAS 41, Taxation in fair value measurements
August 19, 2020 January 1, 2022
Amendments to PFRS 16, COVID-19-related Rent Concessions June 1, 2020 June 1, 2020
Amendments to PAS 1, Classification of Liabilities as Current or Non-current February 12, 2020 / August 19, 2020 January 1, 2023
Amendments to PFRS 3, Definition of a Business November 14, 2018 January 1, 2020
Amendments to PAS 1 and PAS 8, Definition of Material November 14, 2018 January 1, 2020
PFRS 17, Insurance Contracts March 14, 2018 January 1, 2021
Annual Improvements to PFRSs 2015-2017 Cycle

  • Amendments to PFRS 3 and PFRS 11 – Previously held interest in a joint operation
  • Amendments to PAS 12 – Income tax consequences of payments on financial instruments classified as equity
  • Amendments to PAS 23 – Borrowing costs eligible for capitalization
March 14, 2018 January 1, 2019
Amendments to PAS 19, Plan Amendment, Curtailment or Settlement March 14, 2018 January 1, 2019
Amendments to PAS 28, Long-term Interests in Associates and Joint Ventures November 8, 2017 January 1, 2019
Amendments to PFRS 9, Prepayment Features with Negative Compensation November 8, 2017 January 1, 2019
Philippine Interpretation IFRIC-23, Uncertainty over Income Tax Treatments July 12, 2017 January 1, 2019
Philippine Interpretation IFRIC-22, Foreign Currency Transactions and Advance Consideration January 11, 2017  January 1, 2018
Amendments to PAS 40, Transfers of Investment Property  January 11, 2017 January 1, 2018
Annual Improvements to PFRSs 2014 – 2016 Cycle

  • Amendment to PFRS 1 – Deletion of short-term exemptions for first-time adopters
  • Amendment to PFRS 12 – Clarification of the scope of the standard
  • Amendment to PAS 28 – Measuring an associate or joint venture at fair value
January 11, 2017 Amendment to PFRS 12 – January 1, 2017

Amendments to PFRS 1 and PAS 28 – January 1, 2018

Amendments to PFRS 15, Clarifications to PFRS 15 December 7, 2016 January 1, 2018
PFRS 15, Revenue from Contracts with Customers December 7, 2016 January 1, 2018
Amendments to PFRS 4, Applying PFRS 9, Financial Instruments with PFRS 4, Insurance Contracts October 12, 2016 January 1, 2018
Amendments to PFRS 2, Classification and Measurement of Share-based Payment Transactions September 14, 2016 January 1, 2018
Amendments to PAS 12, Recognition of Deferred Tax Assets for Unrealized Losses February 17, 2016 January 1, 2017
Amendments to PAS 7, Disclosure Initiative February 17, 2016 January 1, 2017
PFRS 16, Leases February 17, 2016 January 1, 2019
Amendments to PAS 1, Disclosure Initiative February 11, 2015 January 1, 2016
Amendments to PFRS 10, PFRS 12 and PAS 28, Investment Entities: Applying the Consolidation Exception February 11, 2015 January 1, 2016
Annual Improvements to PFRSs 2012 – 2014 Cycle

  • Amendment to PFRS 5: Changes in methods of disposal
  • Amendment to PFRS 7: Servicing contracts
  • Amendment to PFRS 7: Applicability of the amendments to PFRS 7 to condensed interim financial statements
  • Amendment to PAS 19: Discount rate: regional market issue
  • Amendment to PAS 34: Disclosure of information ‘elsewhere in the interim financial report’
October 8, 2014 January 1, 2016
Amendments to PFRS 10 and PAS 28, Sale or Contribution of Assets between an Investor and its Associate or Joint Venture October 8, 2014 Deferred**
PFRS 9, Financial Instruments (2014) September 10, 2014 January 1, 2018*
Amendments to PAS 27, Equity Method in Separate Financial Statements September 10, 2014 January 1, 2016
Amendments to PAS 16 and PAS 41, Agriculture: Bearer Plants July 9, 2014 January 1, 2016
Amendments to PAS 16 and PAS 38, Clarification of Acceptable Methods of Depreciation and Amortization July 9, 2014 January 1, 2016
PFRS 14, Regulatory Deferral Accounts July 9, 2014 January 1, 2016
Amendments to PFRS 11, Accounting for Acquisitions of Interests in Joint Operations July 9, 2014 January 1, 2016
PFRS 9, Financial Instruments (Hedge Accounting and amendments to PFRS 9, PFRS 7 and PAS 39) December 17, 2013 No mandatory effective date*
Annual Improvements to PFRSs 2011 – 2013 Cycle

  • Amendment to PFRS 3: Scope exceptions for joint ventures
  • Amendment to PFRS 13: Portfolio exception
  • Amendment to PAS 40: Clarifying the interrelationship between PFRS 3 and PAS 40 when classifying property as investment property or owner-occupied property
December 17, 2013 July 1, 2014
Annual Improvements to PFRSs 2010 – 2012 Cycle

  • Amendment to PFRS 2: Definition of vesting condition
  • Amendment to PFRS 3: Accounting for contingent consideration in a business combination
  • Amendment to PFRS 8: Aggregation of operating segments
  • Amendment to PFRS 8: Reconciliation of the total of the reportable segments’ assets to the entity’s assets
  • Amendment to PAS 16: Revaluation method – proportionate restatement of accumulated depreciation
  • Amendment to PAS 24: Key management personnel
  • Amendment to PAS 38: Revaluation method – proportionate restatement of accumulated amortization
December 17, 2013 July 1, 2014
Amendments to PAS 19, Defined Benefit Plans: Employee Contributions December 17, 2013 July 1, 2014

*In November 2009, the IASB issued IFRS 9 (2009), which covers the classification and measurement requirements of financial assets and was adopted by FRSC as PFRS 9 (2009) on March 8, 2010. In October 2010, the IASB finalized the classification and measurement requirements of financial liabilities and issued IFRS 9 (2010), which was adopted by FRSC on November 24, 2010 as PFRS 9 (2010). In December 2011, the IASB deferred the mandatory effective date of IFRS 9 from January 1, 2013 to January 1, 2015. The FRSC followed suit on December 28, 2011. In November 2013, the IASB introduced the new hedge accounting model, removed January 1, 2015 as the mandatory effective date of IFRS 9 and issued IFRS 9 (2013), which the FRSC adopted as PFRS 9 (2013) on December 17, 2013. In July 2014, the IASB finalized the impairment phase of IFRS 9, introduced limited amendments to the classification and measurement model of financial assets and issued IFRS 9 (2014). IFRS 9 (2014) was adopted by FRSC as PFRS 9 (2014) on September 10, 2014.
**On January 13, 2016, the FRSC decided to postpone the original effective date of January 1, 2016 of the said amendments until the IASB has completed its broader review of the research project on equity accounting that may result in the simplification of accounting for such transactions and of other aspects of accounting for associates and joint ventures.

PIC Q&A Compilation (June 2020)

The latest compilation of existing PIC Q&As (as of June 2020) can be accessed here

List of PIC Q&As issued:

2020

PIC Q&A No. 2020-01

Conforming Changes to PIC Q&As – Cycle 2020

PIC Q&A No. 2020-02

Conclusion on PIC QA 2018-12E: On certain materials delivered on site but not yet installed

PIC Q&A No. 2020-03

Q&A No. 2018-12-D: STEP 3 – On the accounting of the difference when the percentage of completion is ahead of the buyer’s payment

PIC Q&A No. 2020-04

PFRS 15 – Step 3 – Requires and Entity to Determine the Transaction Price for the Contract (Addendum to PIC Q&A 2018-12-D)

PIC Q&A No. 2020-05

PFRS 15 – Accounting for Cancellation of Real Estate Sales (Supersedes Q&A 2018-14)

PIC Q&A No. 2020-06

PFRS 16 Accounting for payments between and among lessors and lessees

PIC Q&A No. 2020-07

PAS 12 – Accounting for the Proposed Changes in Income Tax Rates under the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) Bill

 

2019

PIC Q&A No. 2019-01

Accounting for service charges under PFRS 15, Revenue from Contracts with Customers

PIC Q&A No. 2019-02

Accounting for cryptographic assets

PIC Q&A No. 2019-03

Revenue recognition guidance for sugar millers

PIC Q&A No. 2019-04

Conforming Changes to PIC Q&As – Cycle 2019

PIC Q&A No. 2019-06

Accounting for step acquisition of a subsidiary in a parent’s separate financial statements

PIC Q&A No. 2019-07

Classification of Members’ Capital Contributions of Non-Stock Savings and Loan Associations (NSSLA)

PIC Q&A No. 2019-08

Accounting for Asset Retirement or Restoration Obligation with the Adoption of PFRS 16, Leases

PIC Q&A No. 2019-09

Accounting for Prepaid Rent or Rent Liability Arising from Straight-lining under PAS 17 on Transition to PFRS 16 and the Related Deferred Tax Effects

PIC Q&A No. 2019-10

Accounting for variable payments with rent review

PIC Q&A No. 2019-11

Determining the current portion of an amortizing loan/lease liability

PIC Q&A No. 2019-12

Determining the lease term under PFRS 16, Leases

 PIC Q&A No. 2019-13

Determining the lease term of leases that are renewable subject to mutual agreement of the lessor and the lessee

 

2018

PIC Q&A No. 2018-01

PAS 8 – Voluntary changes in accounting policy

PIC Q&A No. 2018-02

PAS 36 – Non-controlling interests and goodwill impairment test

PIC Q&A No. 2018-03

PFRS 13, PAS 16 and PAS 36 – Fair value of property, plant and equipment and depreciated replacement cost

PIC Q&A No. 2018-04

PAS 41 – Inability to measure fair value reliably for biological assets within the scope of PAS 41, Agriculture

PIC Q&A No. 2018-05

PAS 37 – Liability arising from maintenance requirement of an asset held under a lease

PIC Q&A No. 2018-06

PAS 27 – Cost of investment in subsidiaries in separate financial statements when pooling is applied in consolidated financial statements

PIC Q&A No. 2018-07

PAS 27 and PAS 28 – Cost of an associate, joint venture, or subsidiary in separate financial statements [Amended by PIC Q&A No. 2018-13]

PIC Q&A No. 2018-08

PFRS 10 and PFRS 3 – Accounting for the acquisition of a non-wholly owned subsidiary that is not a business

PIC Q&A No. 2018-09

PAS 21 – Classification of deposits and progress payments as monetary or nonmonetary items

PIC Q&A No. 2018-10

PAS 2 – Scope of disclosure of inventory write-downs

PIC Q&A No. 2018-11

Classification of land by real estate developer

PIC Q&A No. 2018-12

PFRS 15 implementation issues affecting the real estate industry

PIC Q&A No. 2018-13

Conforming Changes to PIC Q&As – Cycle 2018

PIC Q&A No. 2018-14

PFRS 15 – Accounting for Cancellation of Real Estate Sales (Withdrawn by PIC Q&A No. 2020-05)

PIC Q&A No. 2018-15

PAS 1- Classification of Advances to Contractors in the Nature of Prepayments: Current vs. Non-current

PIC Q&A No. 2018-16

PFRS 13 – Level of fair value hierarchy of government securities using Bloomberg’s standard rule on fair value hierarchy

 

2017

PIC Q&A No. 2017-01

Conforming Changes to PIC Q&As – Cycle 2017

PIC Q&A No. 2017-02

PAS 2 and PAS 16 – Capitalization of operating lease cost as part of construction costs of a building

PIC Q&A No. 2017-03

PAS 28 – Elimination of profits and losses resulting from transactions between associates and/or joint ventures

PIC Q&A No. 2017-04

PAS 24 – Related party relationships between parents, subsidiary, associate and non-controlling shareholder

PIC Q&A No. 2017-05

PFRS 7 – Frequently asked questions on the disclosure requirements of financial instruments under PFRS 7, Financial Instruments: Disclosures [Amended by PIC Q&A No. 2018-13]

PIC Q&A No. 2017-06

PAS 2, 16 and 40 – Accounting for collector’s items

PIC Q&A No. 2017-07

PFRS 10 – Accounting for reciprocal holdings in associates and joint ventures

PIC Q&A No. 2017-08

PFRS 10 – Requirement to prepare consolidated financial statements where an entity disposes of its single investment in a subsidiary, associate or joint venture

PIC Q&A No. 2017-09

PAS 17 and Philippine Interpretation SIC-15 – Accounting for payments between and among lessors and lessees [withdrawn by PIC Q&A No. 2020-06]

PIC Q&A No. 2017-10

PAS 40 – Separation of property and classification as investment property

PIC Q&A No. 2017-11

PFRS 10 and PAS 32 – Transaction costs incurred to acquire outstanding non-controlling interest or to sell non-controlling interest without a loss of control

PIC Q&A No. 2017-12

Subsequent Treatment of Equity Component Arising from Intercompany Loans

 

2016

PIC Q&A No. 2016-01

Conforming Changes to PIC Q&As – Cycle 2016

PIC Q&A No. 2016-02

PAS 32 and PAS 38 – Accounting Treatment of Club Shares Held by an Entity [Amended by PIC Q&A No. 2018-13]

PIC Q&A No. 2016-03

Accounting for Common Areas and the Related Subsequent Costs by Condominium Corporations [Amended by PIC Q&A No. 2018-13]

PIC Q&A No. 2016-04

Application of PFRS 15 “Revenue from Contracts with Customers” on Sale of Residential Properties under Pre-completion Contracts

 

2015

PIC Q&A No. 2015-01

Conforming Changes to PIC Q&As – Cycle 2015

 

2013

PIC Q&A No. 2013-01

Applicability of SMEIG Final Q&As on the application of IFRS for SMEs to Philippine SMEs [Withdrawn by PIC Q&A No. 2017-01]

PIC Q&A No. 2013-02

Conforming Changes to PIC Q&As – Cycle 2013

PIC Q&A No. 2013-03

PAS 19 – Accounting for Employee Benefits under a Defined Contribution Plan subject to Requirements of Republic Act (RA) 7641, The Philippine Retirement Law

PIC Q&A No. 2013-03 (Revised)

PAS 19 – Accounting for Employee Benefits under a Defined Contribution Plan subject to Requirements of Republic Act (RA) 7641, The Philippine Retirement Law

 

2012

PIC Q&A No. 2012-01

PFRS 3.2 – Application of the Pooling of Interests Method for Business Combinations of Entities under Common Control in Consolidated Financial Statements [Amended by PIC Q&A No. 2015-01 and PIC Q&A No. 2018-13]

PIC Q&A No. 2012-02

Cost of a new building constructed on the site of a previous building

 

2011

PIC Q&A No. 2011-01

PAS 1 – Requirements for a Third Statement of Financial Position [Withdrawn by PIC Q&A No. 2013-02]

PIC Q&A No. 2011-02

PFRS 3.2 – Common Control Business Combinations

PIC Q&A No. 2011-03

Accounting for Inter-company Loans [Amended by PIC Q&A No. 2015-01 and PIC Q&A No. 2018-13]

PIC Q&A No. 2011-04

PAS 32.37-38 – Costs of Public Offering of Shares [Amended by PIC Q&A No. 2018-13]

PIC Q&A No. 2011-05

PFRS 1.D1-D8 – Fair Value or Revaluation as Deemed Cost [Amended by PIC Q&A No. 2016-01 and PIC Q&A No. 2018-13]

PIC Q&A No. 2011-06

Acquisition of investment properties – asset acquisition or business combination? [Withdrawn by PIC Q&A 2020-01]

 

2010

PIC Q&A No. 2010-01

PAS 39.AG71-72 – Rate used in determining the fair value of government securities [Withdrawn by PIC Q&A No. 2013-02]

PIC Q&A No. 2010-02

PAS 1R.16 – Basis of preparation of financial statements [Amended by PIC Q&A No. 2017-01 and PIC Q&A No. 2018-13]

PIC Q&A No. 2010-03

Current/non-current classification of a callable term loan

 

2009

PIC Q&A No. 2009-01

Framework, paragraph 23 and PAS 1.23 – Financial statements prepared on a basis other than going concern [Amended by PIC Q&A No. 2013-02 and PIC Q&A No. 2018-13]

PIC Q&A No. 2009-02

PAS 39.AG71-72: Rate used in determining the fair value of government securities in the Philippines [Superseded by PIC Q&A No. 2010-01]

 

2008

PIC Q&A No. 2008-01

PAS 19.78 – Rate used in discounting post-employment benefit obligations [Superseded by PIC Q&A No. 2008-01 (Revised)]

PIC Q&A No. 2008-01 (Revised)

PAS 19.78 – Rate used in discounting post-employment benefit obligations [Amended by PIC Q&A No. 2016-01]

PIC Q&A No. 2008-02

PAS 20.43 – Accounting for government loans with low interest rates under the amendments to PAS 20 [Withdrawn by PIC Q&A No. 2016-01]

 

2007

PIC Q&A No. 2007-01

PAS 1.103(a) – Basis of prepration of financial statements if an entity has not applied PFRSs in full [Superseded by IC Q&A No. 2010-02]

PIC Q&A No. 2007-02

PAS 20.24.37 and PAS 39.43 – Accounting for government loans with low interest rates [See PIC Q&A  No.  2008-02]

PIC Q&A No. 2007-03

PAS 40.27 – Valuation of bank real and other properties acquired (ROPA)

PIC Q&A No. 2007-04

PAS 101.7 – Application of criteria for a qualifying NPAE [Withdrawn by PIC Q&A No. 2013-02]

 

2006

PIC Q&A No. 2006-01

PAS 18, Appendix, paragraph 9 – Revenue recognition for sales of property units under pre-completion contracts [Withdrawn by PIC Q&A No. 2018-13]

PIC Q&A No. 2006-02

PAS 27.10(d) – Clarification of criteria for exemption from presenting consolidated financial statements [Amended by PIC Q&A No. 2013-02 and PIC Q&A No. 2017-01]

PFRS for SMEs

Philippine Financial Reporting Standard for Small and Medium-sized Entities (PFRS for SMEs)

Effective for annual periods beginning on or after January 1, 2010

Notes:

  1. The International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs), which was adopted as the PFRS for SMEs by the FRSC, may be freely downloaded from the IASB website through the IFRS for SMEs section. Registration in the IASB website is required to access the IFRS for SMEs.
  2. On August 12, 2015, the FRSC has adopted the 2015 amendments to the IFRS for SMEs as 2015 amendments to the PFRS for SMEs, which will become mandatory for annual periods beginning on or after January 1, 2017. The amendments can be freely downloaded from the IASB website through the Comprehensive Review of the IFRS for SMEs section.

Preface

Section

1

Small and Medium-sized Entities

2

Concepts and Pervasive Principles

3

Financial Statement Presentation

4

Statement of Financial Position

5

Statement of Comprehensive Income and Income Statement

6

Statement of Changes In Equity and Statement of Income and Retained Earnings

7

Statement of Cash Flows

8

Notes to the Financial Statements

9

Consolidated and Separate Financial Statements

10

Accounting Policies, Estimates and Errors

11

Basic Financial Instruments

12

Other Financial Instruments Issues

13

Inventories

14

Investments in Associates

15

Investments in Joint Ventures

16

Investment Property

17

Property, Plant and Equipment

18

Intangible Assets other than Goodwill

19

Business Combinations and Goodwill

20

Leases

21

Provisions and Contingencies

22

Liabilities and Equity

23

Revenue

24

Government Grants

25

Borrowing Costs

26

Share-based Payment

27

Impairment of Assets

28

Employee Benefits

29

Income Tax

30

Foreign Currency Translation

31

Hyperinflation

32

Events after the end of the Reporting Period

33

Related Party Disclosures

34

Specialized Activities

35

Transition to the PFRS for SMEs

Other Pronouncements

Pronouncement

Date adopted/
approved by FRSC

PFRS for Small Entities  [Effective for annual periods beginning on or after January 1, 2019]

(Click here to read the preface to PFRS for Small Entities.)

December 13, 2017

PFRS Practice Statement Management Commentary*

June 29, 2011

PFRS Practice Statement Making Materiality Judgments*

November 8, 2017

PIC Q&As: Emerging issues on the application of credit risk adjustments on the fair valuation of derivatives

February 11, 2015

PIC guidance on financial reporting: Guidance on addressing common pitfalls and application issues on cash flows statement

February 11, 2015

PIC guidance on financial reporting: Q&As on Philippine Financial Reporting Standards (June 2020)

August 19, 2020

PIC Letters to the Real Estate Industry on PFRS 15 implementation issues

Annexes: 

Annex A – First PIC letter dated September 13, 2019

Annex B – Second PIC letter dated September 27, 2019

February 12, 2020

*May be downloaded from the IASB website free of charge

Proposals

The FRSC encourages the public to submit comment letters on the following proposals to the International Accounting Standards Board / IFRS Intrepretations Committee:

Proposal Deadline
Discussion Paper – Business Combinations under Common Control

In November 2020, the International Accounting Standards Board (Board) published the Discussion Paper Business Combinations under Common Control. The Discussion Paper sets out the Board’s preliminary views on possible reporting requirements that would help companies provide better information about business combinations under common control.

September 1, 2021
Exposure Draft – Disclosure Requirements in IFRS Standards – A Pilot ApproachIn March 2021, the IASB issued an Exposure Draft (ED) on Disclosure Requirements in IFRS Standards – A Pilot Approach where the IASB proposes guidance for its own use when developing and drafting disclosure requirements in IFRS Standards.

In its pilot application of the guidance, amendments to IFRS 13 Fair Value Measurement and IAS 19 Employee Benefits are proposed.

The ultimate goal is to provide overall disclosure objectives which are supported by specific disclosure objectives and items of information for specific IFRS Standards.

 

21 October 2021

Contact Us

Josephine Adrienne A. Abarca

Chairman
Financial Reporting Standards Council (FRSC)
PICPA Building
700 Shaw Boulevard
Mandaluyong City

Wilson P. Tan

Chairman
Philippine Interpretations Committee (PIC)
PICPA Building
700 Shaw Boulevard
Mandaluyong City